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Re: OSC

Spider Resources

over 14 years ago

in response to rj's message

I agree.

It took me a while to get the Application for a Hearing to load. Cliffs wants to block the Shareholder Rights Plan, under which the BoD could declare that Cliffs' offer has triggered the right for all other shareholders to purchase extra shares at below market prices, diluting Cliffs.

It's really of no consequence, IMHO. The SRP is likely to be struck down by the OSC, but as Cliffs argues, it really is not likely to affect the outcome. It's just what a well-managed company would do, to protect all possible legal avenues. Cliffs is well-managed, and well-advised. They're simply dotting all the i's, and crossing all the t's.

Lar